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TMI Blog2024 (9) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... disbursed by Diwan Housing Finance Corporation Ltd. (DHFL) among others to the Appellant as well had turned into NPA. Loan amount is suspected to have been from the funds which were invested as Fixed Deposits in DHFL by Uttar Pradesh Power Sector Employees Trust & Uttar Pradesh Power Corporation CPF Trust. The investment wascontrary to the decision taken earlier of investing such funds in the nationalized banks only. This mode of investment in DHFL was also contrary to the Government of India Notification dated 02.03.2015. The allegation is that this was done by certain officers of the Trust in connivance with DHFL.Repayment of Rs.2,267.90 Cr. remained pending from DHFL to Uttar Pradesh Power Corporation Ltd. out of Rs.4,122.70 Cr. which had been invested with DHFL. The CBI undertook investigation for the predicate offence in violation of Sections 409, 420, 467, 468 & 471 of IPC, 1860. In view of the scheduled offences of Sections 420, 467 & 471 of the IPC, 1860, the Respondent Directoratelodged an ECIR on 23.12.2019. 3. Fromthe statement dated 09.08.2021 of Shri RajendraMirashie an Employee of DHFL, u/s 50 of PMLA, details of loanees of amount more than Rs.200 Cr. in each case, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 01.04.2024, Consent Terms dated 31.10.2023 and Supplementary Consent Terms dated 01.02.2024 with M/s Piramal Capital & Housing Finance Limited. M/s India Resurgence ARC Pvt. Ltd. and M/s Piramal Capital & Housing Finance Ltd. issued No Due Certificate dated 01.04.2024 in respect of the said loans. In terms of these Agreements, Consent Terms and No Due Certificate the NCLT disposed of the pending appeals of the Appellant & M/s Piramal Capital & Housing Finance Ltd. vide its order dated 22.04.2024. The aforementioned documents were submitted by the Appellant vide Misc. App. No.1926 of 2023 and were taken on record. 5. Ld. Counsel for the Appellant stated that Shri RajendraMirashie in his statement dated 19.02.2020 informed that Rs.15,599.35 Cr. was sanctioned by DHFL from 2017 to 2019 to thirty borrowers without following due process and without any security. Shri Mirashie had further stated that among thirty borrowers loans aggregating Rs.3,216.20 Cr. were sanctioned to sixteen borrowers, who were actually controlled or beneficially owned by Wadhawan family. He emphasized that the appellant were neither in the list of thirty borrowers nor in the list of sixteen borrowers. He also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent in the filing of the OA and in any case these documents have not been linked either to the scheduled offence or to the money laundering offence. The data taken from the Laptops and the Computers relate to day-to-day business affairs and nothing incriminating has been found. 8. Ld. Counsel for the Respondent stated that it is only Rs.410 Cr. out of the loan amount of Rs.650 Cr. received from DHFL bySCDPL,which was utilized for payment for purchase of 63 acres of land in Ghaziabad. He stated that the remaining loan amount of Rs.240 Cr. was not used for the declared purpose. Out of this Rs.240 Cr., approximately Rs.85 Cr. was adjusted against another loan amount of Rs.300 Cr. given by DHFL to SIL and amount of Rs.155 Cr. was paid back by them to DHFL. Thus, a huge part of the loan of Rs.650 Cr. was diverted without using it for the declared purpose. He further contended that the reason given for the withdrawal of cash from their bank accounts is an afterthought. They have claimed that with intention to get medical treatment in reputed hospitals particularly during COVID-19, they had kept the said cash at their residence. He contended that it is hard to believe that in this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. vide the Assignment Deed dated 02.08.2022 certified in Para 3.1(y) of the Deed the following : "Assignor confirms that cases classified as frauds do not form part of the Loans and the Assignor confirms that to the best of its knowledge none of the Loans are required to be classified as fraud accounts;" 11. We also observefrom the record that India Resurgence ARC Pvt. Ltd. has issued No Due Certificates dated 01.04.2024 to SCDPL for Loan A/c No.00035491certifying full and final satisfaction of the Loan of Rs.650 Cr. with no further claim and with release of Charge I.D.swith ROC Nos. 100197384 and 100197381. It is also on record that No Due Certificates dated 01.04.2024 were issued to SIL for Loan A/c of 00004586, 00001603 & 00001602 for amounts Rs.32 Cr., Rs.53 Cr. & Rs.130 Cr. respectively, releasing the corresponding Charge ID with ROC No.100145603, 10081844 & 10081169. In the Impugned Order for the OA No.546/2021, Rs.300 Cr. has been shown as the loan to SGI from DHFL. The Appellant during their submission before the Ld. Adjudicating Authority had clarified that the loan amount was Rs.215 Cr. and not Rs.300 Cr. which is recorded in Para 3.1 of the Impugned Order. We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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